Check out our integration to see how connecting Xero and Sourcery can provide a complete picture of your business–from invoicing and line item extraction to payments and accounting.

What is Xero?

Xero is a secure, online accounting software that enables small businesses to easily manage inventory management, recordkeeping, digital invoicing, and more. It can also sync with 3rd party apps like Sourcery to allow business owners to use Xero’s features in a way that’s best for their business.

How using Xero with Sourcery can help your business!

Digitizing paper invoices is a breeze with Sourcery’s powerful AP automation tools. With Sourcery’s invoice storage with line-by-line detail and customizable categorization, it’s easy to pull up old invoices with a simple query. The Xero integration with Sourcery allows you to easily export invoices, credits, and payments from Sourcery to Xero. With the data from Sourcery, you can create professional-looking invoices with Xero’s online invoicing feature.

While Xero offers an overall accounting dashboard to track bank balances, payments, etc., Sourcery’s analytics are especially beneficial for use by restaurants and corporate kitchens. Sourcery tracks your spending and product pricing history and sends alerts when they exceed your chosen limits. This lets you easily know when to update your recipe cost calculator and when you need to ask your vendors why prices have changed.

For example, Brendan’s Pubs used Sourcery’s price-tracking feature to track the price of specific ingredients and was able to make quick and easy changes to the restaurant’s menu by eliminating this ingredient when the price was higher. Sourcery’s streamlined invoicing and auto-reconciliation also allows for smooth vendor relations.

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Bill.com is a solution to automate your accounts payable and receivables that integrates with cloud based accounting software like QuickBooks. While Bill.com has a few notable features, its competitors in the space, such as Sourcery, may offer a more dynamic solution that is customizable according to your specific needs.

Here’s what you need to know about these innovations for your back office tools — including which one might be right for you.

What to Look for In AP/AR Solutions

An automated accounting solution can help you streamline your back office. It is one way to get paid more quickly and to efficiently settle accounts. But there is a wide range of solutions to choose from. Some, like Bill.com, focus almost exclusively on digital invoicing, automatic payment, and account reconciliation.Others, like Sourcery, are end-to-end solutions that include vendor management as well as streamlined invoicing and auto-reconciliation. Catered specifically to those in the restaurant industry as well as to emerging small businesses, Sourcery has the specialized ordering and inventory receipt capabilities that Bill.com lacks.When you are shopping around for the right platform, you may need to decide whether you need only a billing tool or a comprehensive account management solution.

Bill.com Overview and Features

True to its name, Bill.com’s primary function is to facilitate domestic and international payments. It includes all aspects of accounts payable, including electronic invoicing and a range of fund transfer capabilities.With Bill.com you can receive digital invoices from vendors and ensure rapid approval. Similarly, you can create and issue invoices to your customers and receive settlement through ACH, ePayment, Paypal or credit card. The platform syncs easily with major accounting software like Oracle, Xero, QuickBooks and Sage.

Bill.com Reviews and Pricing

Bill.com has generally positive reviews. Users enjoy the automated features and ease of payment approval. Someusers posting on Capterra noted the preview window could use improvement. Others mentioned syncing issues and limited rule capabilities. PC Mag notedit does not function like a double-entry system, and may therefore appear to be lacking in features. But, the magazine stressed, Bill.com is not trying to do everything that other solutions do.OnG2crowd, some users noticed frequent bugs when syncing with accounting software. A recent review complained of poor customer service, as they had an unresolved account issue and received no response from Bill.com’s chat function and there was no option to call the company. Overall, Bill.com is well-regarded but some reviewers disliked having to pay more for extra features like invoice auto entry.Pricing plans range from $29 to $59 per month per user, with the latter their most popular plan. In addition, the platform charges $19 per “approver” user. There are additional transaction fees, including $0.49 per ePayment, $0.49 per bill for auto entry, $0.99 for a Paypal payment and $9.99 to $19.99 for fast pay fees.

Sourcery Overview and Features

While Bill.com focuses on payments, Sourcery offers a range of benefits to restaurant and small business clients. These include automated invoicing, online bill pay, domestic ACH and domestic and international check processing. It integrates with Xero, QuickBooks, Sage and a number of other major programs. Sourcery has an extensive vendor management capability that allows for online ordering. The software is designed for food companies, who often have to modify invoices or issue credit notices because of spoiled food upon delivery. With Sourcery, these changes are seamless and easy. The platform enables rapid communication with vendors so time is not wasted with outdated, manual ordering processes.In addition, the automated invoice digitization converts to usable data. Restaurants gain essential analytics about their restaurant costs. The platform has a price alert capability to let owners better track their spend. Because of this functionality, Sourcery can help clients make essential business decisions as well as balance their books. Sourcery has a robust customer service team. Each Sourcery client has a dedicated account manager to help with any issues. The support staff are hands-on with every user, so clients can make the most of the product’s full functionality.

Sourcery Reviews and Pricing

Sourcery is rated 5/5 based on10 reviews in the QuickBooks App Store. Recent commenters appreciated the reporting functionality as well as the control Sourcery gave them over the invoice intake process. One restaurant owner noted that the platform was invaluable as they worked largely with small vendors who rely on paper invoices.Sourcery does not charge by user, but instead by invoice volume. Pricing therefore depends on the individual client. Unlike Bill.com, however, the price is all-inclusive. Therefore, clients can budget for their Sourcery subscription with certainty, without worry there are pricey add-ons for every bit of activity.

How to Assess Which One is Best

In order to choose the best solution for your needs, it may be helpful to review some key pros and cons of each platform.

Bill.com

Pros: Bill.com does an excellent job of automating invoices and streamlining payments. Approval processes are easy. The platform has extensive international payment capability.

Cons: The subscription is by user and there are additional transaction fees for activity. Some users have complained that the integration of Bill.com with their accounting software is not as seamless as they would like. Others have complained about the lack of customer service. Another caveat is that invoice input is manual, meaning that if you have high invoice volume the onus falls on the user to enter these details and bill.com lacks line item extraction altogether.

Sourcery

Pros: Sourcery is tailor-made for restaurant owners. It offers powerful analytics on inventory and price changes so owners can keep a handle on costs. It offers a completely automated invoice solution, digitizing and extracting invoice data down to line item details. Sourcery offers payment capabilities similar to that of Bill.com, offering check and ACH payments. Its direct ordering function streamlines vendor relationships. Customer service and predictable pricing round out the benefits of this platform.

Cons: Since it is not specifically focused on accounts payable functionality, it may take more time to learn all of its features. Additionally, Sourcery does not offer international payments via wire like bill.com does.

Perhaps the best way to decide which platform works best for your business is to try them out and see. Contact Sourcery today andrequest a free demo to see if the product helps you improve your business efficiency and success.

Every food product on shelves has one thing in common: nutrition labels. This is because the FDA requires it. The label has a list of ingredients and nutritional information. This is helpful for consumers with allergies or health conditions. It is good for anyone who pays attention to daily nutrition.

The label makes sense from a health and consumer protection standpoint. But it can be daunting for people who own food businesses. The FDA updated its new nutrition label requlations in 2016. They gave small businesses only a few years to come into full compliance. These kinds of rules make adding a label to a food product a more complex and costlier that one might think.

ReciPal is a welcome solution to this problem. It has a database of nutrition information. It includes FDA-compliant formatting. Most users find its interface easy-to-use and easy to learn. ReciPal is welcome for entrepreneurs who run a restaurant and prepare food for sale.

What is ReciPal?

ReciPal is an easy software system to create your own FDA-approved nutrition labels. That is at a fraction of the cost of going to an outside packager. Anyone in the food industry can upgrade their product. The creator of ReciPal had the idea when he discovered the many FDA label rules. As a food product owner himself, he decided that the old way was too difficult. It was too high of a price to pay for a small company needing hundreds or thousands of nutrition labels.

ReciPal users can skip the high-priced food analysis. Instead, they can research recipe information with the food database. If they do have to complete an in-house analysis, ReciPal makes it easy. They can save a large amount of money by entering the results of that analysis into the program. From there, ReciPal helps to customize nutrition labels. You can choose a style that suits your brand or product. In other words, ReciPal is a living database. Food entrepreneurs can use this info, or add their own from outside research.

ReciPal does more than create labels. The software has other impressive bells and whistles. These include a recipe cost calculator and inventory management system. These perks prove to be as useful as the nutrition label functionality.

Recipe Cost Calculator

Restaurant owners, food truck owners, and packaged food makers can track recipe cost. This analysis of cost of goods sold is essential for the effective running of a business. Knowing how much it costs to create a single unit allows for the accurate calculation of a profit margin. The menu cost calculator shows how to reduce costs so that the profit margin may be larger. Users can also see how costs are rising. This helps them to develop a plan to find the right price point. The right pricing means a good profit margin and high sales volume. ReciPal’s pricing info helps owners to create a cost-cut or increase. The tool is also essential to the restaurant accounts payable department. These individuals, after all, have to keep close tabs on costs charged by suppliers.

Inventory Management System

ReciPal also helps inventory managers. They can make sure they have enough of each ingredient or product on hand. In the food industry, too much of certain ingredients can lead to expensive waste. An accurate record of rate of ingredient use is essential to cost-effective reordering. ReciPal allows owners to stay on top of inventory in an efficient way. There is no extra burden of having to examine supplies on a regular basis.

Top Features of ReciPal

The features of ReciPal are all essential tools for running a food business. They help entrepreneurs run a more efficient internal operation. The software helps with cost and inventory analysis. The professional consumer-focused labels can align with a strong brand identity. Those labels also ensure regulatory compliance with the FDA.

These are the main features of ReciPal:

FDA Compliance Guide and Information

Recipe Cost Calculator

Nutrition Database

Custom Nutrition and Ingredient Labels

Recipe Management

Inventory

In sum, it is a program that supports owners of all kinds of food businesses.

Who Is ReciPal For?

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ReciPal is for anyone who needs support for restaurant back office operations. This includes FDA-approved nutrition labels and recipe cost calculations. It is also essential as a way to manage food-related inventory. While the creators advertise it as a program for “food entrepreneurs,” it is a helpful tool for many. If you have created a line of gourmet foods from your home, you can use ReciPal. If you run a food truck or have a successful restaurant, you can also use ReciPal. It works for everyone.

The software is accessible from both Android and iPhone devices. The app is a simple download from the app store. This gives you remote access to your nutritional information, recipe costs, and inventory. This is helpful for food entrepreneurs with a large production space. It also makes it easier to set up a satellite location away from central systems. On-the-ball business owners can also access info while travelling or on vacation.

How ReciPal Helps Restaurant Owners

Given the ease of use of ReciPal, it has a benefit for all food producers who want to simplify their packaging. It is great for those who create custom food products. It is also essential for meal plan delivery services and bakeries. Indeed any segment of the food market can use ReciPal. Here are a few ways ReciPal may benefit food entrepreneurs.

Consumer Protection

The necessity for clear and accurate labelling is not only from the FDA. New state laws are requiring restaurants to put calorie counts on their menus. An easy-to-use labelling product is an essential tool. It makes it easier for any food service business that wants to be transparent about what’s in their food. That’s the case even if they sell a product that does not need an FDA label.

Helps Create Custom Recipes

Eateries that sell packaged, prepared food from in-house recipes have to disclose ingredients. With ReciPal they have the flexibility to create an FDA-compliant nutrition label. They do so using both the food database in the software as well as added ingredients. ReciPal helps chefs who want to use an uncommon ingredient in a signature recipe. The software makes it easy to prepare inventory of that dish for customers to take home.

Reduces Packaging Time

By using the software, food producers do not have to go to an outside source to prepare the packaging. This means they are in many ways “cutting out the middle person.” This reduces production time. If they can label goods in-house, it may be a matter of hours from the oven to the store shelves. That means food is fresher when customers come in to buy. There’s more room in display cases for regular turnover of inventory.

Minimizes Regulatory Mistakes

ReciPal produces an FDA-compliant label. This gives food entrepreneurs an added sense of security. They can put trust in the software to create a label that complies with relevant regulations. Knowing that the label is compliant means one less worry for busy entrepreneurs. These business owners have a laundry list of other pressing issues. With ReciPal, there’s one less with which they must concern themselves on a daily basis.

Professional Image

FDA-compliant labels signal to customers that owners care about the product they sell. This is important for consumers who may be reluctant to buy something sloppy. Clear labelling gives important nutrition data. It is also the hallmark of a professionally-run operation. Restaurant owners use ReciPal because it helps them improve their image. It also streamlines their internal processes.

ReciPal: Is it Right for Your Restaurant Business?

ReciPal may seem ideal for most food entrepreneurs. But it may not be the right tool for everyone. To assess the software, you may wish to learn a little bit more about its functionality. If it aligns well with your current needs, it could improve your business. Think about your current business challenges. Ask whether you want to increase the sales volume of your packaged food line. Consider if you and your staff are ready to make the switch. If any of these are true, ReciPal may be worth a try.

About Sourcery

Are you a restaurant owner that wants to take even more control over your costs? Check out Sourcery’s powerful AP and AR automation tools. Sourcery tracks your spending and price changes and sends alerts when they exceed your chosen limits. This lets you easily know when to update your recipe cost calculator and when you need to ask your vendors why prices have changed. All you need to do is email your invoices, and Sourcery automates the rest. Contact Sourcery today for a free demo!

After a search for accounts payable jobs, you’re left wondering exactly what the job is. After all, a basic description of duties does not give you an idea of what your day to day life in this position will be. Rest assured: your search is over. Here is everything you need to know before applying for an accounts payable job.

What is Accounts Payable?

First, if you are working in an accounts payable position, your work life will center on payments. In every industry, there will be two sides to every financial transaction. In Accounts Payable, your main concentration is on processing invoices and outgoing payments. These may be payments to vendors or suppliers for services or goods received by your company. In either case, it is money that your company owes. On the other end of the spectrum is the accounts receivable transactions. Accounts receivables are incoming payments, or assets owed to your organization. Some employees are AR/AP clerks (or specialists) and they handle both ends. This is not always the case, as many organizations hire different people to fulfill each role.

Accounts Payable Job Duties

Despite the close nature of the positions, accounts payable jobs have distinctive duties. An AP clerk or specialist will have duties, such as:

Verifying and recording accounts and invoices

Processing incoming invoices according to company policies and procedures

Resolving billing issues and investigate discrepancies

Completing various day to day financial tasks

Generating financial reports

It is important to note that duties may extend beyond these basics. You may also perform everyday tasks that are industry specific. In some cases, employers may combine related tasks. Common extra duties include payroll, accounts receivables, data entry and accounting.

Traits of a Top Accounts Payable Employee

Accounts payable clerks or specialists have a key role in the company’s finances. Because of this, employers have a long list of traits that they are in search of during the hiring process. To be most successful in this position, you should have the following traits:

Detail oriented

Customer service skills

Negotiation skills

Well organized

Self-motivated

Punctual

Ability to meet deadlines

Good with mathematics

Financial knowledge

Educational and Experience Requirements

While these traits are important, experience and education also play an important role. Each of these requirements will vary from one organization to another. Yet, most employers are seeking candidates with at least a high school diploma.

A Bachelor of Science degree in accounting, finance, or business administration

Accounting software and Microsoft Office know-how

Ability to write comprehensive reports in English

Experience with creating and maintaining spreadsheets

Data entry experience

Ability to calculate, record and maintain financial data

Previous experience as an accounts payable or receivable clerk

The Work Environment

As for the industry of employment, there is an immense level of diversity. This is because all businesses incur regular expenses. Whether you have prior experience in a hospital or a shoe store, there is no shortage of specialties. This gives you the freedom to choose your surroundings to best suit your skillset. In every industry, you will work from an office where you have a computer, phone and company software. In some instances, you may even have the opportunity to work from your home office. In these cases, you will report to a manager but most socialization will be with vendors or suppliers.

Daily Interactions as an Accounts Payable Worker

In comparison to other office jobs, working as an accounts payable clerk is similar. Although you will spend the majority of your time at a desk, you will collaborate with co-workers. Likewise, you will have regular contact with vendors or service providers. Unlike those in account’s receivables positions, your focus is on paying invoices. Because of this, most payments are already pre-approved before they reach your desk. This means that you will spend less time negotiating cost and more time verifying rates. Despite this, good negotiation tactics and customer service skills are helpful for discrepancies.

Perks of the Job

One of the biggest curiosities surrounding accounts payable jobs is financial compensation. Like most jobs, the salary offered is generally commensurate with experience and education. The average salaries for accounts payable positions range from $36,185 to $44,905 per year. Aside from financial compensation, expect to encounter many other perks. Some of the most typical benefits in this field include:

These corporate perks vary depending upon the size and industry of the organization. Other perks, like on-site gyms and daycare centers, are less common in these positions.

Accounts Payable Jobs for 2019

Now, you have a better understanding of what to expect from an accounts payable job (For a comparison to hot new software development jobs, check out this post on Elixir jobs). Be sure to explore some of the top current openings in the field. From a children’s hospital to an accounting firm, these positions range in industries. Each one offers top benefits along with an impressive salary:

Excellent customer service skills are a plus if interested in working for CHOP. The perks of the job include regular hours and the satisfaction of helping sick children. Hospital-specific experience is a big plus for interested applicants.

Accounts Payable Clerk, DLS Events LLC (Los Angeles, CA)- A full-time position in sunny L.A. is available. With a focus on expenses related to food and beverages for top events–what’s not to love? DLS Events LLC prefers five years of experience or a BS/BA degree in Accounting or Business.

This job is best for mid-career level AP clerks. Located in a Family Office Accounting department, this position requires management skills. Along with excellent financial compensation, there are other perks. These excellent benefits include paid time off and full medical coverage.

A remote job, Paycor INC is now hiring an accounts payable clerk with experience in payroll. Interested parties must have a computer, printer and internet access in their home. Likewise, they must be capable of and willing to work only from home. Accounts Payable Specialist, Aerotek (Fort Wayne, IN)-

Aerotek is hiring an accounts payable specialist with two years of experience. They also prefer applicants to have experience with an ERP or MRP system.

The Robert Half Finance & Accounting firm has accounts all industries. If you like variety in your work life, this may be the position for you. A full-time position, they prefer that you have several years of experience.

Conclusion

Now that you know what an accounts payable job is, you can determine if it is the right career path for you. Understanding the basic duties of a position is part of searching for a job. But, there are other factors to consider. Being familiar with average compensation rates and perks allows you to know what to look for. As you continue on your job search, also consider the industry. This is a unique aspect of an AP position. Be sure that the industry is also inline with your skillset for optimal fulfillment. To make your accounts payable process easier and smoother, get in touch with us at Sourcery.